Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
SourcingJun 27, 2017
Pallinghurst Gets Go-Ahead in its Bid for Gemfields
Pallinghurst Resources Ltd. announced Monday that it has received the shareholder support needed to move ahead with its bid to fully acquire Gemfields.
Gemfields operates the Kagem emerald mine in Zambia, pictured here. The company’s biggest investor, Pallinghurst Resources, has received shareholder approval to move ahead with its takeover bid.
London--Pallinghurst Resources Ltd. announced Monday that it has received the shareholder support needed to move ahead with its bid to fully acquire Gemfields.
Despite suggestions from Gemfields’ board last week that it might have trouble gaining the necessary support, Pallinghurst received 96 percent of the vote.
The news is just the latest in the bidding war that has been surrounding the London-based colored gemstone miner of late.
In May, Pallinghurst, the company’s biggest investor, made an unsolicited offer to buy the 53 percent of Gemfields it doesn’t already own. Under the terms of the deal, each Gemfields shareholder will be entitled to receive 1.91 Pallinghurst shares for each Gemfields share.
Just a few weeks later, Shanghai-based investment company Fosun Gold offered to pay about $286 million for the company, a “significant premium to the Pallinghurst offer,” Gemfields said.
Gemfields’ board has said from the start that the Pallinghurst offer “significantly undervalues” the company, advising that the Fosun Gold offer is better. The board’s independent committee reiterated that thought in a statement published online Monday, stating that it believes Pallinghurst’s offer “denies Gemfields shareholders the ability to realize the material future upside potential of the company on a standalone basis.”
The company declined to comment beyond its statement posted online.
But since Pallinghurst already had received approval from the majority of Gemfields shareholders (including its own shares) and, now, gotten approval from its own shareholders, it has declared its offer for Gemfields to be wholly unconditional.
As of the end of the day Monday, Pallinghurst said in a statment, it had received the acceptances of more than 75 percent of shareholders (the necessary threshold), securing its control of the company and allowing it to de-list Gemfields from the AIM market of the London Stock Exchange once the offer expired July 4.
Concurrent with Monday’s announcement from Pallinghurst, Fosun Gold’s cash offer for Gemfields lapsed.
In other company news, Gemfields also held an auction of rough ruby from the Montepuez mine in Mozambique this month and saw record auction revenues.
At the Singapore sale, which offered high- and commercial-grade rough rubies in both untreated and treated form, revenues reached a high for Gemfields of $54.8 million.
The auction was 85 percent sold by weight but 98 percent sold by market value, with an average per-carat price of $61.13.
The ruby sale was the second ruby and final auction of this
fiscal year for Gemfields. Total revenues from all rough gemstone auctions year-to-date is about $132.7 million.
More on Sourcing
The Latest
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
Events & AwardsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
